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of <h1>Finance Act: Section 281B amended to allow property attachment during penalty proceedings over Rs. 2 crore from April 2021.</h1> Section 281B of the Finance Act allows an Assessing Officer to provisionally attach an assessee's property during assessment or reassessment to protect revenue interests, with prior approval from senior tax officials. This attachment is valid for six months and can be revoked if the assessee provides a bank guarantee. Section 271AAD, introduced in 2020, penalizes false or omitted entries in accounts. To prevent penalty evasion, Section 281B is amended to allow property attachment during penalty proceedings if the penalty exceeds two crore rupees. This amendment is effective from April 1, 2021.
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